EUR/JPY Price Analysis: Bears look to 129.50s for a deep correction of recent bull run

• EUR/JPY bears are lining up for an attack on the downside as price consolidates in the 130.40s.
• Hourly support is the first hurdle ahead of test of prior key resistance structure. 

As per the prior analysis, EUR/JPY Price Analysis: Bulls break to fresh cycle highs in relentless weekly demand, the cross indeed moved higher to the 130.40s. 

Prior analysis, 4-hour chart

Live market

Meanwhile, as per this week's, The Watchlist: NZD/USD and EUR/JPY in focus for the open, the cross is meeting resistance and could be due for a correction following a series of consecutive monthly higher closes. 

EUR/JPY daily chart

From a daily perspective, the 61.8% Fibonacci is noted. 

EUR/JPY hourly

Bears will look for a break of near term hourly support and once cleared, can look for an optimal entry to target the 129.50s.